• Bitcoin (BTC) could be primed for a significant drop in the coming weeks according to crypto market expert Rekt Capital.
• Previous years with the steepest August declines saw 17% and 18% drops respectively.
• If Bitcoin were to drop 18% this August and an additional 10% in September, that would put the price around $22,200.
Bitcoin Price May Drop In Coming Weeks
Crypto market expert Rekt Capital has predicted a potential decline for the leading cryptocurrency in the coming weeks. By looking at historical data and chart patterns, they’ve assessed that double-digit percentage drawdowns may be imminent.
August Drawdowns in History
Rekt Capital examined previous years with the steepest August declines which were 17% in 2014 and 18% in 2015. Currently, Bitcoin’s price has fallen 16%, so if it were to drop another 18%, that would bring it down to approximately $24,700.
In addition to August drawdowns, September also needs to be factored in as it’s historically been another weak month for Bitcoin with single-digit percentage losses being common. Assuming an additional 10% drop in September, that would put Bitcoin around $22,200.
Target Price of $22k
These figures align with Rekt Capital’s target of $22,000 which comes from measured technical projections related to Bitcoin’s recent performance on the markets.
Conclusion: Will BTC Drop To $22k?
Ultimately all signs point towards a potential plunge for Bitcoin prices over the coming months if historical trends are anything to go by. A combination of an 18% decline this August and 10% decline next month could result in prices dropping as low as $22k – only time will tell!